Brighton Pier Group records revenue of £59m
Brighton Pier Group has recorded revenue of £58.9m in its results for the 18 months to 25 December 2022.
The business, which owns and trades Brighton Palace Pier as well as eight bars, eight indoor mini-golf sites and Lightwater Valley Family Adventure Park, saw a £7.6m pre-tax profit during the period as well as earnings before interest, tax, depreciation and amortisation (EBITDA) of £13.8m.
During the period, the company said it had rebounded "strongly" from the pandemic, benefitting from pent-up consumer demand and government assistance, enabling it to repay £9.1m of debt and "enter the current more challenging market in a good financial position".
However, inflationary pressures have led to "steep cost increases in all areas of the business". While some costs have been passed on to customers, some were absorbed by the group, constraining earnings in the latter six months. Non-executive chairman Luke Johnson said in the report that the economic downturn had been "felt most acutely" at the Lightwater Valley venue, with admissions during summer 2022 down on the previous year.
Brighton Pier Group said that trading for 2023 was in line with expectations but challenges in the form of the economic downturn and inflation were expected to continue.
Chief executive Anne Ackord said: "Like many in our industry, we have had to absorb higher costs relating to wages, energy prices and other inputs. Nevertheless, our businesses remain profitable, well managed and backed by a strong balance sheet and asset base.
"We are confident in the ability of our management teams to operate successfully in our markets, but we remain mindful of the continuing pressures from the wider economic environment in which we trade."
Photo: Michaelasbest/Shutterstock
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